Manchester City have told Uefa that wealthy benefactors should not be penalised under financial fair play rules for investing heavily in clubs.

City and Paris Saint Germain were each fined £49m for FFP rule breaches last season – and both clubs sent senior figures to a meeting chaired by Uefa’s president, Michel Platini, on Monday in Nyon, Switzerland, to discuss any changes to the rules.

City’s chief executive, Ferran Soriano, attended the meeting, as did PSG’s chairman, Nasser Al-Khelaifi, and it is understood both stressed their belief that sustainable investment should be permitted.

No decisions were taken at the meeting, which also discussed whether large debts carried by clubs such as Manchester United and Real Madrid should also be tackled more strongly by FFP rules. Currently only the interest on those debts is viewed as part of the FFP calculation.

European clubs also called on Uefa to close the loophole that has allowed some teams – including Liverpool, Monaco and Roma – to qualify for this season’s Champions League without submitting accounts because they were not involved in European football last season.

Platini said: “We have succeeded in reducing the cumulative losses of European clubs and in stabilising European football’s finances. We must now work together to ensure that clubs can grow and prosper in the future – and today’s discussions were an encouraging step in that direction.”

Uefa said in a statement: “During full and frank discussions… potential enhancements to the system were also discussed with the debate covering such diverse issues as owners’ investment, club debt, ossification, the fair value of related-party transactions, differing financial and legal circumstances in different countries and the perceived advantage of clubs not in European competition the previous season.” PA